One of the most senior executives at Michael Spencer's Icap is to step down, sparking a search for a new head of the electronic platform that will be core to the company after it offloads its voice broking business.

Icap's Gil Mandelzis is stepping down as CEO of EBS BrokerTec

Gil Mandelzis has decided to step down as chief executive of Icap's EBSBrokerTec division and take his career in "a different direction", according to a July 21 statement.

Icap CEO Spencer described Mandelzis as a "truly outstanding leader" who had "made a lasting and meaningful contribution to the evolution of the FX and fixed income industries".

Icap

EBS BrokerTec CEO Gil Mandelzis

Mandelzis, alongside Spencer, is among Icap's dozen-strong senior executive team and has been with the broker since 2007, when it acquired the Traiana transaction processing business he co-founded in April 2000.